China halts beef imports from Australian firm over banned substance – Reuters

China’s General Administration of Customs said in a statement late Thursday, they have announced a ban on imports of beef from Australian firm John Dee Warwick.

This comes after they detected a banned chloramphenicol substance in some of the company’s beef loin.

The Customs said they requested a full investigation and a report to China within 45 days from the Australian side after it detected the banned substance.

Market reaction

The aussie dollar is little affected by the above news, as AUD/USD keeps its overnight range trade intact after a wild ride witnessed on the Fed Chair Jerome Powell’s speech.

At the press time, the spot adds 0.08% to trade at 0.7265.